MIRA INFORM REPORT
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Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
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Name : |
IZPO GLASS DECOR
LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22.06.2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of glassware, vintage decorative lighting fixtures, giftware, vases and flowers accessories, events designers’ accessories, interior home design articles, metalwork ornaments |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Israel |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. Its major imports include crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals - following years of prudent fiscal policy and a resilient banking sector. The economy has recovered better than most advanced, comparably sized economies. In 2010, Israel formally acceded to the OECD. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Natural gasfields discovered off Israel's coast during the past two years have brightened Israel''s energy security outlook. The Leviathan field was one of the world''s largest offshore natural gas finds this past decade, and production from the Tama field is expected to meet all of Israel''s natural gas demand beginning mid-2013. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. The government formed committees to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands
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Source
: CIA |
IZPO GLASS DECOR LTD.
Telephone 972 3 619 51 56
Mobile 972 54 755 73 24
Fax 972 3 619 51 56
Email: izpo@netvision.net.il
3 Yona Street Ramat Gan 5237603 Israel
A private limited company, incorporated as per file No. 51-355843-7 on the 22.06.2004.
Originally registered under the name IZP GLASS DECOR LTD., which changed to the present name on the 07.02.2005.
Authorized share capital NIS 10,000.00, divided into -
1,000 ordinary shares of NIS 10.00 each,
of which 100 shares amounting to NIS 1,000.00 were issued.
Subject is fully owned by Aharon Frenkel.
Dov Isaschar Frenkel.
Importers and marketers of glassware, vintage decorative lighting fixtures, giftware, vases and flowers accessories, events designers’ accessories, interior home design articles, metalwork ornaments, etc.
Subject also exports Glass articles.
Import is from China and Europe.
Sales are wholesale.
Operating from an office at the residence of Dov Frenkel, in 3 Yona Street, Ramat Gan, and from rented warehouse (space hired according to needs), in Zafariya village, and additional warehouse in Kibbutz Harel.
Having 4 employees as of mid 2012.
Financial data not forthcoming.
There are 3 charges for unlimited amounts registered on the company's assets (financial assets and a vehicle), in favor of Bank Massad Ltd (last charge placed December 2012, prior charges placed charges placed February –May 2005).
Sales figures not forthcoming.
IZPO LTD.
Bank Leumi Le’Israel Ltd.
Union Bank of Israel Ltd., branches data not forthcoming.
According to the Registrar of Companies subject has a "Law Violating Company" Status.
As part of the Registrar efforts in the last period to collect fees and supervision on meeting all duties by Companies’ law, such status notes have been added to the registry. Registration as a "Law Violating Company" is done due certain violation by the subject company for not meeting the Registrar of Companies regulations promptly, namely not paying Registrar fees, and/or not submitting annual reports on time (in subject's case, we assume it is due to the 2nd mentioned reason, as according to the Registrar, subject did not submit annual reports to the Companies' Authority – however we could not establish this for certain). The sanctions and penalties against the company in such case include fines up to NIS 250,000, not allowing the company to register new charges on its favor, not allow registration a charge on its assets (which may deprive the company from taking new loans at their banks), cannot make changes in the Registrar, and more.
It should be noted that this may not necessarily be connected to the company's business activities and financial standing (although in many cases there is a connection – we do not know how it is in subject's case; It is also possible that there is a technical or administrative problem, as such things also happen).
Apart from the above, nothing unfavorable learned.
Subject’s General Manager, Mr. Dov Frenkel, as well as owner Aharon Frenkel refused to disclose any data on the company.
The total giftware market in Israel is estimated at NIS 9 - 10 billion (including holidays presents) annually according to surveys. The market has been growing over the last years, which brought the local supermarket chains to expand their activities in this branch, considered 'Non-Food'. The market is divided into the following categories: simple shops, exclusive shops, household and giftware chains, complementary department in marketing chains, and departments in DIY chains.
Considering the refusal to disclose details, dealings are recommended on a secured basis.
Note: Since February 2013 Israel Post has started using a new area code method of 7 digits (the old method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.